Hapoalim Reiterates Neutral on Nash Finch Company (NAFC)

Hapoalim is out with its report on Nash Finch Company NAFC, reiterating Neutral.

In a note to clients, Hapoalim writes, "NAFC executed at a very high level in 4Q10, with a reported 6.3% improvement in adjusted EBITDA. While we think it's premature to call an inflection point and assume similar growth levels in FY11, the reversal of much of the sales weakness from 3Q in the military segment is an encouraging sign. Based on our continued caution regarding the overall revenue outlook for FY11, we still anticipate a relatively flat EBITDA outlook going forward (as NAFC continues to make strategic investments in new military distribution centers). We reiterate our Neutral rating and $42 price target."

At the time of posting, shares of NAFC were trading pre-market at $39.60, up 2.27% from Thursday's close.